Can Millennials Count on Social Security? w/ Mike Piper #1127

Let's talk about Social Security. More than music, clothing, or even political views, Social Security might be the single biggest generational fault line in America right now. Boomers are thrilled to finally be collecting on a promise decades in the making while Millennials and Gen Z are quietly wondering if there'll be anything left by the time we get there. And honestly? That concern isn't crazy! Social Security almost certainly isn't going away entirely, but it's probably not going to look exactly the same as it does today either. Mike Piper, CPA and Social Security expert, joins the show today to explore the future of Social Security, optimal claiming strategies, and how to plan for retirement amid uncertain benefits. Specifically covered:

What happens when the trust fund is gone?!
Downsides of overly conservative financial plans
Claiming strategies when we’re living longer
Adjusting plans after a health diagnosis
The Open Social Security strategy calculator
Taking opportunity cost into account
Early retirement considerations
Common mistakes with DIY investors
… and plenty more!

Can’t get enough How To Money? Here are some additional ways to get ahead with your personal finances:

Mike Piper: Head over to Mike’s site, Oblivious Investor for his latest writings and Open Social Security for his free open-source strategy calculator.
Credit card perks: Check out our favorite credit cards that we use to maximize rewards and optimize our spending.
Money Gears: Knowing what to do with your money is crucial to your personal finance journey.
Newsletter: Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
Other money nerds: Find a thriving community of fellow money nerds by joining the HTM Facebook group!

And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

Best friends out!

See omnystudio.com/listener for privacy information.

Det här avsnittet är hämtat från ett öppet RSS-flöde och publiceras inte av Podme. Det kan innehålla reklam.

Avsnitt(1192)

Friday Flight - Car Insurance Competition, Early Retirement Increasing, & HOA Horrors #1188

Time for a Friday Flight- our little sampling of the week’s best financial news and what it means for your personal finances. There are a lot of headlines out there, but we boil them down to specific ...

4 Sep 48min

Build a Retirement You'll Actually Enjoy w/ Wes Moss #1187

Anyone else a little tired of hearing about ‘retirement?’ It can feel like this vague, far-off finish line that we're told to obsess over for decades. But here's the thing: when you look at the resear...

2 Sep 56min

Ask HTM - 3% Mortgage Paydowns, Brokerage Account Tax Bills, & Am I “Extra” For Wanting AC?! #1186

We’re kicking off the week by answering your listener questions! And if you have a question that you’d like for us to answer on the show, we’d love for you to submit your own via HowToMoney.com/ask , ...

31 Aug 53min

Friday Flight - America’s Debt Debacle, Perpetual Shopping, & Mystery Vacations #1185

28 Aug 50min

How Americans Got Rich: The History of Wealth in America w/ Joseph Moore #1184

“There’s nothing new under the sun.” That comes from Ecclesiastes. But it’s a piece of wisdom we tend to neglect. It's often said that those who forget history are doomed to repeat it. But what if a p...

26 Aug 59min

Ask HTM - Overrated HSA, 13% Dividend Yields, & Getting Into Real Estate #1183

24 Aug 57min

Friday Flight - Friendly Financial Advice, Student Loan Shakeout, & Checks are for Chumps #1182

21 Aug 47min

Parenting Like A Millionaire w/ Millennial Revolution #1181

What’s harder: parenting… or the cost of it? We’re huge fans of having kids. They teach you so much, force you to become less self-absorbed, and – let's be real – it’s incredible to watch little mini ...

19 Aug 59min